Dubai: The UAE has authorised licensing authorities across the country and in the non-financial free zones to implement administrative penalties and fines against all establishments failing to provide real beneficiary data. The Ministry of Economy announced that it has taken additional steps to ensure the compliance of establishments registered in the UAE to provide real beneficiary data and strengthen the anti-money laundering system in the country. “All establishments registered in the UAE (totaling 513,632) must create a register of the ultimate beneficiary and provide required data correctly before June 30, 2021, in accordance with Cabinet Resolution No. 53 of 2021 on administrative pen
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